Are cannabis businesses bankable?
IN BANKING PARLANCE, referring to a business as “bankable” means that the business is at a point in its life cycle where it could qualify for some form of a traditional financing package from a traditional financial institution. For any startup, this would be considered a major milestone. For a legal cannabis business, this would absolutely be a cause for celebration. In cannabis, just getting the basic depository services that most businesses take for granted can be a mission. Credit? Forget it.
This begs the question: Are cannabis businesses bankable? Well, they can be, yes. I work with many great banks and credit unions all over the country that are lending on plant-touching businesses and plant-touching properties. But, let us peel that onion a bit.
– Read the entire article at Rolling Stone.